MP, Chairman, Malabar Gold and Diamonds said that if the upcoming budget proposes further gold import duty cut, it will fast-track the movement of jewellery retail towards organised framework
Malabar Gold and Diamonds launched 22 showrooms in January, and Ahammed MP, Chairman, Malabar Gold and Diamonds says that the retail major plans are to reach 750 showrooms by 2023. He adds that post pandemic, customers are open to experimentation and he is optimistic about the road ahead.
How has been the response to the Brides Of India 2021 campaign?
The pandemic has hastened the digital transformation for companies across the board. What have been the learnings for Malabar and how has digital adoption been for the company? How has the customer preference evolved post Covid-19?
Our online shopping store has been in operation since the pre-pandemic time. Our online sales backbone was already in place when the pandemic hit the country. During pandemic, we started showcasing more designs as design discovery was taking place online more frequently. There has been no drastic change in overall consumer preferences. Having said that, a new segment of consumers is emerging which is open to experimentation.
Malabar Gold & Diamonds opened 22 new showrooms in India and abroad in January. It is clear that Malabar is betting big on on-ground retail. How do you see the evolution of on-ground retail taking place?
The jewellery retail has become more organised. Thanks to growing consumer awareness on mandatory hallmarking, the jewellery retail has become transparent and quality-focussed. Previous gold import duty cut has significantly reduced unauthorised transactions of gold. If the upcoming budget proposes further gold import duty cut, it will fast-track the movement of the jewellery retail towards organised framework.
How has your omnichannel strategy evolved?
We always have a sharp focus on strengthening our omnichannel retail strategy, as design discovery and initial decision-making are taking place online.
How has your communication evolved over the years? How do you ensure consistent messaging across platforms?
Our communications are always in line with our mission and vision. For instance, the communications around our One India One Gold Rate highlighted the value of a standardized pricing mechanism brings into the retail for the customers. As our aim is to increase the total number of showrooms to 750 by 2023 and become the number one gold jewellery retailer in the world, our communications revolve around the positive impact of the expansion drive on jewellery retail, employment generation, etc.
What is your media mix?
Finalizing the marketing budget is a strategic decision that depends on various parameters and prevailing market dynamics. Our media mix is based on a 360-degree approach which includes all traditional media, social media, and new-age digital media.
What is the outlook for the wedding season?
The overall outlook is positive. Despite covid-led restrictions, we are expecting decent growth from the wedding season.
With restrictions currently on weddings, will this impact sales?
There could be a short-term impact. However, the long-term outlook remains positive.
Your stated ambition is to open 750 stores. By when do we see this goalpost being achieved?
We have plans to achieve the target of opening 750 showrooms by 2023.
How do you see the year ending?
We expect to end the year on an optimistic note with a larger retail network, more enhanced customer services capabilities, and robust design diversity.
Looking ahead, what can we expect from Malabar Gold?
A quality-focussed and transparent retail practice with world-class shopping experience for customers. In addition, we'll continue to focus on our various CSR initiatives related to education, health, women's empowerment, housing for the poor, and environmental protection.